Family

Issues

Stage Details

Legislation -
Bill Sent To Committee
(Senate)
-
May 7, 2008

Legislation -
Bill Passed
(House)
(122-15) -
May 7, 2008(Key vote)

Title: Mortgage Bill of Rights

Vote Result

Yea Votes

Nay Votes

Vote Smart's Synopsis:

Vote to pass a bill that mandates that applicants for a home loan be provided The Mortgage Applicants Bill of Rights which guarantees the applicant certain rights and legal options when obtaining a mortgage.

Highlights:

-Requires the superintendent of banks to develop a pamphlet that shall be known as The Mortgage Applicants Bill of Rights and post it on the banking departments website (Sec. 1).
-Mandates that no lending institution may accept a mortgage application unless the pamphlet is provided to the applicant and he/she acknowledges in writing that they received it (Sec. 1).
-Mandates that the pamphlet include, among others, that the applicant has the right to receive an honest evaluation of their income, the amount a mortgage broker is being paid for a loan, and is informed as to whether it is a fixed or variable rate loan (Sec. 1).